I don't think there is any absolute advantage if what have in mind is the super competitive primary schools such as DPS/DBS, St Paul, etc. But many Victoria parents including myself are not fans of those schools.
Many Victoria fans like VSA. Some teachers in primary school feel that Vic kids are smart and presentable but not good in discipline (which is important for certain well known primary)
My son is now studying PN in Victoria(HH). He is happy about school. Good learning there, too. However, we will bring him to SKH for K1 in Sep 2011. In fact, for Primary selection, part of it and I would say major part of it depends on your living location as well as 校友 relationship.
In addition, the reason why we chose Victoria(HH) is because of its good allocation to primay. After all, all depend on whether you have other offers in hand for final shortlisting.